[Congressional Record Volume 169, Number 43 (Tuesday, March 7, 2023)]
[Extensions of Remarks]
[Page E189]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF THE FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 
                     INSPECTOR GENERAL ACT OF 2023

                                 ______
                                 

                       HON. ELEANOR HOLMES NORTON

                      of the district of columbia

                    in the house of representatives

                         Tuesday, March 7, 2023

  Ms. NORTON. Mr. Speaker, today, I introduce the Federal Retirement 
Thrift Investment Board Inspector General Act of 2023, which would 
create an independent Inspector General (IG) for the Federal Retirement 
Thrift Investment Board (FRTIB). The FRTIB administers the Thrift 
Savings Plan (TSP), the retirement savings and investment plan for 
federal employees.
  On June 1, 2022, the FRTIB launched a new system with the goal of 
modernizing TSP's recordkeeping, improving customer service and 
bolstering cybersecurity. There have been widespread problems with the 
new system, including account access, account balances, missing or 
incomplete information in accounts and hours-long wait times to reach 
customer service. While many problems have been fixed, problems remain.
  As of December 2022, TSP had approximately 6.8 million participants 
and $765,154,000,000 in assets, making it the world's largest defined 
contribution plan. Federal employees dedicate their careers to serving 
our country, and they deserve a retirement savings and investment plan 
that provides top-tier customer support and security.
  While the Employee Benefits Security Administration has oversight 
responsibility for TSP, as it does for private sector 401(k) plans, 
there is currently no IG for the FRTIB. The problems with the new TSP 
system are evidence enough that the FRTIB needs an independent IG.
  I urge my colleagues to support this important bill.

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